As a home healthcare business owner, you have a tremendous responsibility to your patients as well as your patients. Unfortunately, this great responsibility comes with great risks and as a result, you need to ensure that you have the right insurance coverages in place to keep your business protected. Here are three coverages that you should be sure to carry in your business insurance policy.
General Liability Insurance
General liability is probably the most popular business insurance coverage and it protects you in case a third-party claims that your business caused them to sustain an injury or property damage. If a lawsuit is filed against you, your policy will cover your attorneys’ fees as well as any settlements or judgments where you’re found liable.
Professional Liability Insurance
Also known in the healthcare community as malpractice insurance, professional liability is vital for home healthcare providers. It protects you in case a patient or other third-party claims that an error or negligence on your part led to them experiencing a loss of some sort.
Worker’s Compensation Insurance
Since services are provided at patients’ homes, your employees are often exposed to unexpected risks. Therefore, it’s important that you carry workers’ compensation to cover for any medical expenses and lost wages should any of your employees get hurt on the job and miss time.
Be sure to work with an agent who’s experienced with insurance for home healthcare providers. He or she can provide the proper guidance and help you craft a policy that suits your exact needs.